The article below written by Joe Lindenmayer offers great advice for those considering franchise ownership.
How Will Your Franchise Ownership End? Before your grand opening, think about how you want to make your exit.Entrepreneur.com | By Joe Lindenmayer | August 17, 2009
It seems funny to think about selling your business before you even start, doesn't it? But having a vision of how you would like to conclude your business ownership before getting started is no different than knowing your destination before you start a trip.
When I talk to prospective franchisees early in their discovery process, I always ask the same question: "When you look back at your first year in business, what would you like to have accomplished?" More than 75 percent of the time, I am met with a blank stare. When they finally do respond with an answer, I usually follow up with, "So, when the day comes to eventually leave the business, how do you foresee that happening?" That's the guaranteed deer-in-the-headlights question.
Do you think if I had asked Donald Trump or Michael Phelps when they started out what they hoped to accomplish that they'd have that same look? Nope, not even close. These competitors know how they want to finish what they start--and how to build the plan to achieve it.
You can read the full article at Entrepreneur.com.
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